Discover the latest crypto and DeFi news with Chainspot’s weekly news digest!
Chainspot team
🇪🇺 EU Parliament Approves Groundbreaking Crypto Regulation Framework
EU lawmakers have passed the world’s first comprehensive cryptocurrency regulation package, the Markets in Crypto Act (MiCA), with 517 votes in favor and 38 against. The legislation aims to reduce risks for consumers buying crypto assets and holds providers accountable for any losses incurred.
MiCA imposes transparency, disclosure, authorization, and supervision requirements on crypto platforms, token issuers, and traders. Platforms must inform consumers about risks, and new token sales will be regulated. Stablecoins like Tether and USDC must maintain sufficient reserves to meet redemption requests, while transactions could be limited to €200 million per day for larger stablecoins.
⬇️ Bitcoin Dips Below $28K
Bitcoin’s price fell below $28,000, prompting over 20,000 $BTC to return to exchanges in the past two weeks, raising the total held on exchanges to 2.3 million $BTC. The leading cryptocurrency’s downturn continued for a third day, dragging the total crypto market capitalization down by 2.2% to $1.24 trillion. Ethereum also declined by 1.7% to trade around $1,920.
🔋 Solana Tracks Carbon Emissions in Real Time
Solana becomes the first major smart contract blockchain network to measure its carbon emissions data in real time. The Solana Foundation has introduced a dedicated dashboard, updated every two weeks, which monitors key environmental metrics such as energy consumption, carbon footprint, and network power intensity. Developed in partnership with carbon data platform Trycarbonara, the emissions tracker gathers on-chain data and information from a representative sample of Solana validators. This detailed data, tracking individual validators’ online and offline status and their geographic energy usage, offers a more accurate measurement of Solana’s energy consumption, addressing long-standing concerns about the environmental impact of blockchain networks.
🚀 DeFi Expansion Fuels zkSync Era Growth as 1inch Joins Ethereum Layer-2 Platform
1inch Network has deployed its aggregation and limit order protocols on Ethereum’s layer-2 scaling solution, zkSync Era, joining a growing list of DeFi platforms seeking faster and cheaper transactions. Uniswap, SushiSwap, Maker, and Curve Finance are also preparing to launch on the zk-proof roll-up platform. 1inch users will benefit from improved transaction speed and reduced costs as zkSync Era adoption increases. Matter Labs CEO Alex Gluchowski credits DeFi as a driving force behind zkSync Era’s rapid growth, with over $200 million in TVL attracted in just three weeks.
💸 XRP Plummets, Wiping Out Monthly Gains in One Hour
XRP experienced a near 10% price drop to $0.471 per token, erasing all gains from the past three weeks. CoinMarketCap data shows that XRP’s trading volume has doubled to $1.31 billion, while its market cap decreased to $25.47 billion. The cause of the correction remains unclear, with some community members speculating that it’s a necessary step to shake off greedy investors before future growth, while others believe the market is preparing for upcoming events that may bring significant news.
Maximize your crypto portfolio’s potential by utilizing Chainspot’s cross-chain router for seamless asset transfers between networks.
Stay updated as the crypto market continues to develop. Keep an eye out for more news!
Chainspot team
